“We’re ready to buy a new home. Should we sell or keep our current home?”

If you have enough money to purchase your next home without selling your current home, then you have the option of keeping the current home and using it as an income property. There are other reasons for keeping it, too. You may want to give the home to a family member some day, or you may want to wait for property values to rise.

Especially if your home has a mortgage payment that can be covered entirely by area rents, you may want to hang onto the home. This can be the case with lower-priced starter homes or homes that have been in the family long enough that the mortgage is paid down, and a refinance can lower the payment further if needed.

Of course, if you need cash to buy your next home, pay debts, and invest, or if you’re not interested in holding onto a rental property, or area rents won’t cover your mortgage, then you will want to sell for the most cash you can get.

Contact me for answers to your specific questions.  Bill Leeper Real Estate Consultant, Your Colorado Home Group


Post a Comment